Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.029%

Price spread now: Backpack against Polymarket Perps−0.299%7-day average −0.085% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$360.365% of the position

Long on Polymarket Perps Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.097%+$10 on $10k

Price spread, last 3 days (all we have)+0.054%+$5 · spread now −0.299%, 7d avg −0.085%

Together, before fees+0.152%+$15 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.214% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$21 on $10k if it goes back to its 7-day average of −0.085%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps XPL-USD	0.09932	0.0100	pay 0.0013% / 1h	10m 22s	$133K	$2.7M	10x
Short	Backpack XPL_USDC_PERP	0.09902	0.0100	get 0.0013% / 1h	10m 22s	$185K	$254K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Polymarket Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Polymarket PerpsbpFee BackpackbpOrdersPrice spread, now −0.299%Rate

Funding earned: $0
Price spread: −0.299% → −0.085%: −$21.36
Slippage, 4 orders: −$18.47
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$57.83
Costs to cover: 0.365%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 4 min ago; Backpack: live order book, 63 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Polymarket Perps live order book, 4 min ago	1.86 bp	5.9 bp −$6	8.7 bp −$87	doesn't fit	doesn't fit
Sell Backpack live order book, 63 min ago	1.03 bp	12.3 bp −$12	doesn't fit	doesn't fit	doesn't fit

XPL on 36 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange XPLUSD	−0.0200%	1h	0.09929	−0.027%	$577	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0174% / S +0.0547%	1h	0.09927	−0.047%	$114K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0153%	1h	0.09913	−0.188%	$48K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09923	−0.088%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−23.774%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09928	−0.039%	$77K	—	150x	as long as short
Lighter XPL	+0.0016%	1h	0.09894	−0.380%	$4.5M	$4.2M	10x	as long as short
Orderly PERP_XPL_USDC	+0.0019%	4h	0.09912	−0.198%	$30K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0046%	8h	0.09933	+0.016%	$13K	$2K	5x	as long as short
OKX XPL-USDT-SWAP	+0.0083%	4h	0.09908	−0.239%	$8.8M	$56.1M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09920	−0.118%	$1.5M	$2.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09927	−0.044%	$257K	$539K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09932	+0.004%	$226K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09921	−0.105%	$45.4M	$108.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09909	−0.229%	$48.2M	$56.0M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09870	−0.621%	$144K	$2K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09921	−0.108%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09921	−0.108%	$13.2M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09923	−0.088%	$2.5M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09909	−0.229%	$8.9M	$11.2M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09922	−0.098%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERPshort	+0.0100%	1h	0.09902	−0.299%	$185K	$254K	10x
Variational Omni XPL	+0.0100%	4h	0.09896	−0.361%	$1.8M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09903	−0.289%	$263K	$844K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09940	+0.084%	$26K	$89K	50x	as long as short
Polymarket Perps XPL-USDlong	+0.0100%	1h	0.09932	long leg	$133K	$2.7M	10x
SunX XPL-USDT	+0.0100%	4h	0.09910	−0.218%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09900	−0.319%	$498	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09913	−0.188%	$143K	$243K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09906	−0.256%	$673K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09910	−0.214%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09925	−0.067%	$201K	$655K	10x	as long as short
Hyperliquid XPL	+0.0188%	1h	0.09941	+0.093%	$64.5M	$47.1M	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09898	−0.339%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09980	+0.486%	$74K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4996%	1h	0.09958	+0.260%	$576K	$1.0M	10x	as long as short